Smith & Wesson gun maker hits record financials year after US shootings

The leading US gun maker Smith & Wesson has reported all–time high gun sales in the 2013 fiscal year. The results come at a time when gun controls are the focus of heated debate after a series of mass shootings.

The arms manufacturer and designer said its sales for the fiscal
year ending April 30 hit a record $588 million, which marks a 43%
year-on-year rise. The fourth quarter sales were up 38% to $179
million year on year.

The results published this week are preliminary US GAAP figures,
representing sales and income per share. Smith & Wesson plans
to update investors on sales on 25 June.

Reuters says the improved results come as US citizens flocked for
guns after President Barack Obama pushed for stricter legislation
to curb gun violence. First–time buyers like women and pensioners
showed the greatest demand, Reuters adds.

However, a spate of gun violence across the country made some of
US investors announce sell–offs of their gun–related holdings. A
$154 billion pension fund - California State Teachers' Retirement
System (CalSTRS) - announced last year it would get rid of its
stake in Freedom Group, the manufacturer of the rifle used in the
Newtown shooting. The private equity group - Cerberus Capital
Management – also said it was going to sell its holding in
Freedom Group.

"It is apparent that the Sandy Hook tragedy was a watershed
event that has raised the national debate on gun control to an
unprecedented level," Cerberus said in a statement last
December.